Genting Malaysia Bhd (GenM) announced it is working to recover its investment of US$347.4 million (RM1.49 billion) in an integrated gaming resort in Taunton, Massachusetts, US, which has been put on hold pending the resolution of a legal case.

The investment was in the form of subscription to interest-bearing promissory notes issued by the Mashpee Wampanoag Tribe to finance the pre-development expenses of the resort on April 1, 2016.

The amount mentioned comprised the principal invested, as well as accrued interest as at June 30, 2017. The recoverability of the notes is dependent on the resolution of the legal case.

GenM said given that the lawsuit remains pending and further rulings are expected to be made, construction of the integrated gaming resort has been put on hold.

As such, GenM said it will work with the tribe to review all options available for its investment in the promissory notes, and assess its recoverability and impact to its consolidated earnings and net assets for the financial year ending Dec 31, 2017.

Property developer Titijaya Land Bhd said it is seeing signs of recovery in the property market, with stronger bookings compared to the past two years.

As such, its deputy group managing director Lim Poh Yit said the group, which has been prudent for the last two years with some planned launches deferred, believe 2018 is the right time to launch new projects.

He also said there are signs of better housing loan approval rate in the country recently.

Further, Lim said the company is optimistic of reaching its sale target of RM300 million for the financial year ended June 30, 2017 (FY17). For the nine months ended March 31, 2017, the company achieved RM180 million sales.

Oil and gas player Alam Maritim Resources Bhd, its subsidiaries, joint-venture companies and associated companies are negotiating with their respective financiers and sukukholders to restructure the repayment terms of their existing loans/financing facilities and sukuk programme.

“The affected companies would continue to be in close communications with the financiers and sukukholders to achieve a workable restructuring scheme while preserving liquidity in this challenging phase of the oil and gas industry,” Alam Maritim told Bursa Malaysia.

The group said the discussion is part of its debt restructuring scheme, and that it is required to submit the proposed debt restructuring scheme within 60 days from the date of Bank Negara Malaysia’s corporate restructuring committee’s approval letter dated May 25.

Earlier today, Malaysian Rating Corp Bhd (MARC) downgraded Alam Maritim’s sukuk rating to D from BB following the missed sukuk principal payment of RM30 million on July 6, of the outstanding RM75 million under its Sukuk Ijarah medium-term notes programme.

Yap Chor How, the 40-year-old son of Lay Hong Bhd executive chairman Yap Hoong Chai, has been appointed as an executive director (ED) of PanPages Bhd, effective today.

Chor How is credited to have started the operations of grocery retailer G-Mart Borneo Retail Sdn Bhd in 2009, and expanded the number of stores from 9 to 17 across Sabah.

Lay Hong, in which Chor How is also an ED and CEO of retail business, announced in May its plans to sell a 30% stake in G-Mart to PanPages for RM10.75 million to tap into the retail electronic commerce business. The stake sale was completed on June 20, 2017.

Hoong Chai emerged as a substantial shareholder of PanPages, which specialises in developing business platforms, on June 22 via the Yap family vehicle Innofarm Sdn Bhd, which is now the largest shareholder in PanPages with a 26.37% stake.

RAM Rating Services Bhd has revised the outlook for Tan Chong Motor Holdings Bhd‘s long-term ratings to negative on concerns that continued challenging operating conditions could derail the group’s recovery over the next 2-3 years.

It said Tan Chong Motor’s liquidity position is deemed weak with a substantial RM1.05 billion of short-term debt against cash holdings of RM264.2 million as at end-March 2017.

“We expect Tan Chong Motor losses to persist for at least another year given difficult operating conditions, although recovery is anticipated from next year and meaningful improvement envisaged in financial year Dec 2019,” said RAM’s head of consumer and industrial ratings Kevin Lim.

Media Prima Bhd’s Datuk Seri Amrin Awaluddin will be stepping down from the group managing director (MD) post, while Datuk Kamal Khalid will be taking over the top post, confirming an article in The Edge Financial Daily today.

Kamal is the current chief executive officer (CEO) of Media Prima Television Networks.

The change of chiefs comes following the announcement yesterday of the media group’s new appointment of Tan Sri Ismee Ismail, the former group MD and CEO of Lembaga Tabung Haji, as the group’s non-executive chairman to replace Datuk Seri Fateh Iskandar Mohamed Mansor.

Animal health specialist Sunzen Biotech Bhd plans to diversify into the manufacturing and trading of traditional Chinese medicine and herbal health food and beverages business, through the acquisition of a 70% equity stake in health and wellness company Ecolite Biotech Manufacturing Sdn Bhd.

The RM12.05 million buy will be settled via the issuance of 37.66 million new Sunzen shares — about 7% of its enlarged share base — at an issue price of 32 sen per share.

The group said the proposed buy and diversification could potentially contribute 25% or more of its net profit.

Johor-based plastic packaging manufacturer SCGM Bhd is setting up a manufacturing facility in the Klang Valley to boost its market share in central peninsular Malaysia.

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